A recent research study by Forrester of 2023 predictions for Customer Experience and Marketing Leaders has some really interesting insights, and one, in particular, stood out to us.
How did critically savvy marketing leaders successfully get their businesses through the pandemic, and how will they continue to see success in the new year? It took a lot of flexibility, innovation, and hard work to do what was necessary to change service design, communication, mechanisms, and technology to fit the new ‘norm.’
Leaders had to rush things to market they had planned to do over the next several years, and those leaders must now focus and double down on their customer experience and brand. And yet, those CEOs will be tempted to focus on quick revenue generating myopically because of how things have changed in the last three years.
They’re saying to expect transitions in the U.S. marketing leaders of major companies because CEOs need money. We can all relate to that, can’t we? Everybody needs money to run their business. But, the subtle suggestion for riding out this wave successfully is NOT to pursue revenue tactics over a strong brand and CX program. Chasing’ fast cash’ will impact your long-term sustainability, revenue, and growth.
As a business owner and leader, it’s essential that you aren’t lured into the trap of quick tactics of one-off things but focus on growth strategy within the context of CX and an aligned brand.
So what are the top things we believe you should focus on in 2023? Your customer experience, revenue marketing, and a solid, purposeful brand.
Do you know which businesses are the most profitable?
Without exception, businesses with the highest CX scores top the charts in every industry. Your CX program is crucial for the sustained growth of your business.
A study of executive leaders showed that 48% don’t spend time on priorities like CX. They get caught up in the ‘day-to-day’ of work and problem-solving, letting crucial strategies get forgotten at the bottom of the to-do pile. We all know how this feels. Something you know is important but can’t make time for while trying to stay on top of everything else. However, CX is not one of the things you want to procrastinate on.
To simplify creating a strategy that will work for you, we’ve broken down the basics of CX into three crucial steps.
- Lay the foundation of your CX plan by defining its critical role in your organization. Evaluate relevant data and insights to help you do this.
- Create transformation by exploring the existing customer experiences within your business, identifying what needs to change to build your dream CX program, and go through what’s helping or hindering your success in seeing that come to life.
- Connect work to business drivers by aligning your efforts to your customers’ needs, the brand, and the culture in your organization for a sustainable CX program. Think about what resources you need to implement this into your business today.
Studies show that about 63% of buyers prefer not involving sales reps in their search and would instead do their research. This means that your window to make your case, convince your potential customer, and close a sale is very small. Revenue marketing helps streamline this process by bringing together marketing and sales, and it goes way beyond traditional lead generation and personalized marketing. Still, you will need a clear view of those to see at what point in your customers’ journey they are becoming revenue-generating customers.
Revenue marketing ties lead and demand generation processes to specific metrics and make them reliable. To see success in this, you should set SMART goals, audit your website and ROI, and thoroughly research your market to make a solid strategic plan.
An Aligned Brand
An aligned brand makes you recognizable and reliable to your customers and clients. Nothing is more integral to building trust than reliability. It will help you connect strongly with the people who fit your values and culture. These people want you to say in business and will do what they can to keep you there forever.
Here are some steps to take to align your brand:
1. Do Internal & External Brand Research
2. Adjust Your Brand Positioning
3. Establish Internal Brand Alignment
4. Establish External Brand Alignment
5. Monitor and Maintain Brand Alignment
Does this sound like something you want for your business in 2023?
We work with all our clients to really focus on the magic space that incorporates these factors in a way that makes sense for them. We know that, without exception, across every category, globally and domestically, the most successful, most profitable businesses are the ones that have nailed these things. Get in touch with us to talk about how we can help be part of your business’s success.
If you need an extra hand to ensure your marketing efforts convert, head over to our Marketing Strategy Quiz, where you’ll get a customized plan of action designed to improve your marketing strategy and grow your business.